At 14.2% CAGR, the Middle East & Africa Identity Verification Market is Projected to be worth US$ 1,334.17 million by 2030, says Business Market Insights
According to Business Market Insights research, the Middle East & Africa identity verification market was valued at US$ 461.17 million in 2022 and is expected to reach US$ 1,334.17 million by 2030, registering a CAGR of 14.2% from 2022 to 2030. Increase in cases of identity fraud and increase in adoption of BYOD concept are among the critical factors attributed to the Middle East & Africa identity verification market expansion.
The digitalization has gained traction in the pandemic period across all industry verticals. People has shifted towards the e-commerce over the brick-and-mortar model. Majority of the transactions and exchange of critical information is taking place via digital platforms which has opened gates for the fraudsters to carry out identity fraud. The growing sophistication of security information platforms and IT security-based tools and solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyberattacks has further led to an increased need for robust security solutions across enterprises. According to Regula, ~95% of enterprises and approximately 90 percent of small businesses experienced identity fraud in 2022. On average, a company experienced ~30 cases in 2022. Such frauds result in business disruption, legal expenditures, and loss of existing and potential clients. Hence, companies are increasingly adopting several security solutions to help businesses confirm the identity of individuals to access sensitive transactions and interactions successfully. The prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication and verification, and mitigation of the risk of spoofing. The capabilities of identity verification solutions, such as identity verification, data identification, and fraud detection help the several market players to prevent identity frauds. All these benefits and capabilities offered by identity verification provide long-term benefits to enterprises and helps them to enhance their security. These benefits drive the identity verification market.
On the contrary, data privacy and security concerns hamper the growth of Middle East & Africa identity verification market.
Based on component, the Middle East & Africa identity verification market is bifurcated into solution and services. The solution segment held 87.1% market share in 2022, amassing US$ 401.82 million. It is projected to garner US$ 1,174.33 million by 2030 to expand at 14.3% CAGR during 2022-2030.
In terms of deployment, the Middle East & Africa identity verification market is bifurcated into cloud and on-premise. The cloud segment held 56.2% market share in 2022, amassing US$ 259.02 million. It is projected to garner US$ 816.03 million by 2030 to expand at 15.4% CAGR during 2022-2030.
By organization size, the Middle East & Africa identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 67.4% market share in 2022, amassing US$ 310.87 million. It is projected to garner US$ 935.89 million by 2030 to expand at 14.8% CAGR during 2022-2030.
Based on type, the Middle East & Africa identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 54.5% share of Middle East & Africa identity verification market in 2022, amassing US$ 251.31 million. It is projected to garner US$ 728.54 million by 2030 to expand at 14.2% CAGR during 2022-2030.
In terms of industry vertical, the Middle East & Africa identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 32.0% share of Middle East & Africa identity verification market in 2022, amassing US$ 147.47 million. It is projected to garner US$ 477.78 million by 2030 to expand at 15.8% CAGR during 2022-2030.
Based on country, the Middle East & Africa identity verification market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.6% share of Middle East & Africa identity verification market in 2022. It was assessed at US$ 191.69 million in 2022 and is likely to hit US$ 612.63 million by 2030, exhibiting a CAGR of 15.6% during 2022-2030.
Key players operating in the Middle East & Africa identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group., among others.
In Oct 2023, IDEMIA Selected as Identity Verification Provider to CentralAMS.
In Sep 2020, Jumio Launches KYX Platform, Empowering Fraud, and Risk Teams to Streamline and Centralize Onboarding and KYC Processes.
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